บริษัท อาร ซีแอล จํัดากมหาชน · 2011. 8. 22. · disposal gain of THB60.6 million as compared to THB856.0 million in 2008. In Q309,

บริษัท อาร ซี แอล จํากัด (มหาชน)

Regional Container Lines Public Company Limited

The earlier anticipated recovery that started in the second quarter has kept its momentum in quarter 3. From the shipping perspective, although demand in the USA and Europe has not bounced back to level enjoyed in 2008, volume did however improved and rates held at a better level than previous quarter. The Intra-Asia trade, with stronger consumer confidence, saw an improvement in the volume as compared to the first half of this year. Recently, there were some signs that both the freight rates and volume had bottomed due to the common approach by the industry to look for additional revenue in the light of rising cost such as bunkers and the continous weakening of the US dollar. Shipping lines were rolling out rate recovery and implemented the peak season surcharge in certain areas as planned. The Group’s Shipper Owned Container (SOC) liftings in Q309 declined by 30% year-on-year at 282,303 TEUs. This was partially due to lower East West Trade volume and reduction in the tonnage deployed, as the Group returned more time-chartered vessels. With stronger recovery in the Intra-Asia trades, the Group’s Carrier Owned Container (COC) liftings reduced only by 14%, at 312,248 TEUs. Overall, in Q309, total liftings of the Group recorded a 22% decline year-on-year at 594,551 TEUs. In comparison with the first nine months of the previous year, SOC liftings dropped 30% at 816,486 TEUS, COC slipped 12% at 923,790 TEUs and total liftings declined by 21% at 1,740,276 TEUs. With 22% reduction in liftings, total turnover for the third quarter before exchange difference, gain on sale of assets, and adjustment for unrealized loss on derivatives was down by 33% at THB5,267 million. The decline in turnover was mainly due to the decrease in liftings as well as lower freight rates in Q309 compared to last year. For the first 9 months, total turnover before exchange difference, gain on sale of assets, and adjustment for unrealized loss on derivatives was down by 28% at THB10,795 million. The Group returned one expensive time-chartered vessels in September and successfully negotiated tariff reduction with a number of vendors. Although bunker price had picked up substantially since March, overall, the price was still lower than that of 2008. With the successful implementation of these cost reduction initiative as well as lower bunker cost, the Cost of Freight and Operation in Q309 reduced by 26% at THB3,774 million as compared to the same quarter last year. For the first nine months, the Cost of Freight and Operation decreased by 18% year-on-year at THB11,430 million.

In Q309, the Group disposed two condominium units and some containers to record a disposal gain of THB41.2 million. In the first nine months, the Group recorded a total disposal gain of THB60.6 million as compared to THB856.0 million in 2008. In Q309, the Group recorded a Gain on Exchange of THB43.4 million against a Loss on Exchange of THB142.0 million in the same quarter last year. For the same period,

the Group recorded a Loss on Exchange of THB26.5 million versus a Gain on Exchange of THB74.2 million in 2008. With reduction in liftings compared to same quarter of 2008 and lower freight rates in this quarter, the Group recorded a Net Loss attributable to equity holders at THB589.0 million for Q309 versus a Net Loss of THB440.5 million for the same quarter last year. For the first 9 months, the Group recorded a Net Loss attributable to equity holders at THB1,589.6 million versus a Net Profit of THB772.4 million for the same period in 2008.

Regional Container Lines Public Company Limited

13 November 2009

Founded in 1979, RCL is a Thai based container shipping line which was public listed on the Thai Stock Exchange since 1988. Its core business is in the carriage of Shipper owned containers (or SOC) and its own Carrier owned containers (or COC) within a service network that is fully Asia centric. RCL currently owns and operates a fleet of 40 vessels with sizes ranging between 500 TEUs to 2732 TEUs, with a fleet of 72434 TEUs to support its own COC carriage as well. It also operates a network of 58 offices made up of both owned and agency offices to support its service structure. RCL is today recognized as amongst the leading SOC and Intra Asia COC operators by both peers and customers alike.

QUARTERLY EARNING STATEMENTS IN THAI BAHT

1st Quarter Half-Year 9 months Year-end 1st Quarter Half-Year 9 months

2008 2008 2008 2008 2009 2009 2009

Freight income 4,654.3 9,668.7 14,877.7 19,532.1 3,664.4 7,212.4 10,695.0Cost of freight and operations (4,106.0) (8,792.9) (13,912.4) (18,852.4) (4,048.0) (7,694.2) (11,486.1)Gross Profit 548.3 875.8 965.3 679.7 (383.6) (481.8) (791.1)Gross Profit Margin 11.8% 9.1% 6.5% 3.5% -10.5% -6.7% -7.4%

Other income 66.3 119.3 186.3 269.2 36.7 74.3 108.7Gain on exchange 191.9 216.2 74.2 111.7 0.0 0.0 0.0Gain on sale of assets 148.6 831.7 856.0 983.3 4.0 19.4 60.6Reversal of loss on impairment of buildings 0.0 0.0 0.0 0.0 0.0 0.0 0.0Total other income 406.8 1,167.2 1,116.5 1,364.2 40.7 93.7 169.3

Admin expenses (331.7) (646.9) (1,025.4) (1,274.8) (301.6) (606.7) (906.3)Adjustment for unrealised loss on derivatives 0.0 0.0 0.0 (1,008.0) 197.8 260.3 267.6Loss on exchange 0.0 0.0 0.0 0.0 (164.7) (69.9) (26.5)Loss on sale of investments 0.0 0.0 0.0 0.0 0.0 0.0 0.0Loss on impairment of fixed assets 0.0 0.0 0.0 (182.3) 0.0 0.0 0.0Loss on disposal of vessels 0.0 0.0 0.0 0.0 0.0 0.0 0.0Total other expenses (331.7) (646.9) (1,025.4) (2,465.1) (268.5) (416.3) (665.2)

Interest expenses (96.7) (176.8) (269.8) (392.7) (96.0) (184.6) (284.3)

Profit / (loss) before taxation 526.7 1,219.3 786.6 (813.9) (707.4) (989.0) (1,571.3)

Income tax (1.7) (4.8) (11.0) (18.1) (3.6) (11.1) (17.8)

Profit / (loss) after taxation 525.0 1,214.5 775.6 (832.0) (711.0) (1,000.1) (1,589.1)

Minority interest (0.4) (1.7) (3.2) (5.0) (0.3) (0.6) (0.6)

Net profit / (loss) attributable to members 524.6 1,212.9 772.4 (837.0) (711.3) (1,000.7) (1,589.7)

COMPUTATION OF EBITDAProfit / (loss) before taxation 526.7 1,219.3 786.6 (813.9) (707.4) (989.0) (1,571.3)Add: Impairment loss 0.0 0.0 0.0 182.3 0.0 0.0 0.0Deduct: Impairment gain 0.0 0.0 0.0 0.0 0.0 0.0 0.0Add: Adjustment for unrealised loss on derivatives 0.0 0.0 0.0 1,008.0 (197.8) (260.3) (267.6)Less: Realised loss on derivatives 0.0 0.0 0.0 0.0 (653.8) (736.5) (727.7)Add: Interest 96.7 176.8 269.8 392.7 96.0 184.6 284.3EBIT 623.4 1,396.1 1,056.4 769.1 (1,463.0) (1,801.2) (2,282.3)Add: Amortisation 5.0 10.3 16.0 18.7 5.1 10.0 14.3Add: Depreciation 300.1 594.5 899.3 1,237.1 335.7 667.7 1,004.2EBITDA 928.5 2,000.9 1,971.7 2,024.9 (1,122.2) (1,123.5) (1,263.8)

บริษัท อาร์ ซี แอล จำกัด (มหาชน)Regional Container Lines Public Company Limited Press Release Q309-e-revised.pdf บริษัท อาร์ ซี แอล จำกัด (มหาชน)Regional Container Lines Public Company Limited